Bellecapital International Ltd. lessened its holdings in shares of Baidu Inc (NASDAQ:BIDU) by 6.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,596 shares of the information services provider’s stock after selling 1,553 shares during the quarter. Baidu makes up 1.6% of Bellecapital International Ltd.’s investment portfolio, making the stock its 19th largest holding. Bellecapital International Ltd.’s holdings in Baidu were worth $2,652,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the business. American Beacon Advisors Inc. increased its position in shares of Baidu by 71.2% during the first quarter. American Beacon Advisors Inc. now owns 202 shares of the information services provider’s stock valued at $33,000 after purchasing an additional 84 shares during the period. Cullen Frost Bankers Inc. bought a new stake in Baidu in the first quarter valued at $45,000. Creative Financial Designs Inc. ADV grew its position in Baidu by 4,837.5% in the first quarter. Creative Financial Designs Inc. ADV now owns 395 shares of the information services provider’s stock valued at $65,000 after acquiring an additional 387 shares during the period. Private Capital Group LLC grew its holdings in shares of Baidu by 49.5% during the first quarter. Private Capital Group LLC now owns 423 shares of the information services provider’s stock worth $70,000 after purchasing an additional 140 shares during the last quarter. Finally, Weaver Consulting Group bought a new stake in shares of Baidu during the first quarter worth $75,000. 59.44% of the stock is currently owned by institutional investors.
BIDU has been the topic of several research analyst reports. KeyCorp restated an “overweight” rating and set a $148.00 target price (down previously from $160.00) on shares of Baidu in a report on Friday, August 9th. They noted that the move was a valuation call. Deutsche Bank lowered Baidu from a “buy” rating to a “hold” rating and set a $147.00 target price on the stock. in a research note on Friday, May 17th. JPMorgan Chase & Co. initiated coverage on Baidu in a research note on Wednesday, July 10th. They issued an “overweight” rating on the stock. Macquarie set a $131.00 price target on Baidu and gave the stock a “hold” rating in a report on Thursday, July 4th. Finally, Loop Capital initiated coverage on Baidu in a report on Monday, June 3rd. They set a “hold” rating and a $125.00 price objective for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $175.11.
Baidu announced that its Board of Directors has authorized a share repurchase program on Thursday, May 16th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the information services provider to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
Baidu, Inc provides Internet search services in China and internationally. It operates through two segments, Baidu Core and iQIYI. The Baidu Core segment offers products for uses, including Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services through its other properties and Union partners; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Haokan, a short video app; and Quanmin, a flash video app for users to create and share short videos.
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